For millions of college students going to campus this fall, the new academic year brings many novelties: new courses, new friends, new life experiences — and new debt.

Student loans now total $833 billion, surpassing credit card debt for the first time in history. The average student owes $24,000 and about 14 percent of students default within three years of graduating, according to the Project on Student Debt. But avoiding, or at least delaying, the student loan trap is possible with some creative thinking and a bit of planning.

Save, and save early: Parents can open a special savings plan called a 529 Plan at any point prior to a child starting college; students can stash away summer earnings and cash gifts in that plan. About 60 percent of parents have saved for their child’s college education, and are on track to save $48,367, on average, by the time their child turns 18, reports Sallie Mae. My 20-month old son already has two 529 plans, which we fund modestly but consistently.

Think public, think community: Public colleges are a better deal than private ones. The average annual price for four-year public colleges and universities is $7,020, compared to $26,273 for private colleges, as reported by the National Center for Public Policy and Higher Education. Or consider starting at a lower-cost community college and transferring to a public or private one in two years. I teach at a community college, and many of my students do this to save on tuition while still completing courses that count toward their degree. Many then transfer to bigger-name state colleges and some to the Ivy Leagues.

Go online: Take online courses, which can be less expensive and can save on travel, books and supplies. Many accredited two-year and four-year institutions offer a broad range of distance learning options.

Leave the country: Studying in another country is no longer reserved for junior year. Many students, especially the children of immigrants who speak a second language, are flocking to universities in Asia, Africa and South America to earn degrees at a fraction of the cost.

Get a scholarship: There are thousands of scholarships, and the Internet offers many ways to access them. Fastweb.com is a giant clearinghouse for thousands of scholarships, many with rolling deadlines. Thewashboard.org matches private scholarships with qualified students on an ongoing basis. Gates Millennium Scholars (gmsp.org) provides “a good-through-graduation scholarship to use at any college or university” for outstanding students entering college for the first time.

Finish in three: A three-year degree program could save a considerable amount in tuition. It may mean taking some summer courses, but you’ll finish early and possibly with less debt. My brother completed his bachelor at Florida State University in three years, including taking courses at a local community college while he was home for the summer, and is now working on earning his master’s.

Serve others: Consider signing up for post-college service programs like AmeriCorps, the Peace Corps and Teach for America, which offer deferment plans, partial repayment, and loan assistance and forgiveness.

Having a college degree is no longer a luxury but almost a necessity if you want to be in the middle class. So finding creative ways to pay for one will put resourceful students at an intellectual, professional and financial advantage. You can do it.


Juleyka Lantigua-Williams teaches writing at Naugatuck Valley Community College in Waterbury, Conn. She writes about current issues for the Progressive Media Project and can be reached at pmproj [at] progressive [dot] org.

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